Long Path Partners LP Sells 10,708 Shares of Salesforce, Inc. (NYSE:CRM)

Long Path Partners LP lessened its position in shares of Salesforce, Inc. (NYSE:CRM) by 10.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,119 shares of the CRM provider’s stock after selling 10,708 shares during the period. Salesforce comprises 9.8% of Long Path Partners LP’s holdings, making the stock its 4th largest position. Long Path Partners LP’s holdings in Salesforce were worth $30,129,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. SevenBridge Financial Group LLC boosted its holdings in Salesforce by 52.0% during the fourth quarter. SevenBridge Financial Group LLC now owns 2,308 shares of the CRM provider’s stock worth $749,000 after purchasing an additional 790 shares during the last quarter. OneAscent Financial Services LLC grew its holdings in shares of Salesforce by 110.6% in the 4th quarter. OneAscent Financial Services LLC now owns 3,073 shares of the CRM provider’s stock valued at $1,027,000 after acquiring an additional 1,614 shares in the last quarter. Cinctive Capital Management LP increased its position in shares of Salesforce by 146.8% in the fourth quarter. Cinctive Capital Management LP now owns 19,421 shares of the CRM provider’s stock valued at $6,493,000 after acquiring an additional 11,553 shares during the last quarter. Huntington National Bank raised its holdings in Salesforce by 76.8% during the fourth quarter. Huntington National Bank now owns 193,561 shares of the CRM provider’s stock worth $64,713,000 after acquiring an additional 84,064 shares in the last quarter. Finally, Private Portfolio Partners LLC boosted its position in Salesforce by 4.3% during the fourth quarter. Private Portfolio Partners LLC now owns 1,688 shares of the CRM provider’s stock valued at $564,000 after purchasing an additional 69 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Up 0.7 %

NYSE:CRM opened at $272.06 on Thursday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $261.45 billion, a PE ratio of 44.75, a P/E/G ratio of 2.58 and a beta of 1.35. The firm’s 50 day simple moving average is $305.91 and its 200 day simple moving average is $311.50.

Salesforce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 24th. Investors of record on Thursday, April 10th will be paid a $0.42 dividend. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. Salesforce’s payout ratio is currently 26.10%.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the completion of the sale, the chief financial officer now directly owns 45,861 shares in the company, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Parker Harris sold 652 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $216,646.56. Following the completion of the transaction, the insider now directly owns 121,467 shares in the company, valued at $40,361,054.76. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,660 shares of company stock worth $14,095,336 over the last three months. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a research note on Wednesday, March 19th. Scotiabank dropped their price objective on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Robert W. Baird reduced their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a report on Friday, December 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $361.42.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.